Powerball Jackpot Hits $500M

    Robert Brent holds up the Powerball tickets he purchased as customers line up to buy theirs at a convenience store Tuesday, Nov. 27, 2012, in Orlando, Fla. The powerball jackpot is up over $500 million for Wednesday's drawing. (AP Photo/John Raoux)

    John Raoux / AP Photo

    Odds of winning are one in 175 million—but don’t let that stop you from buying a ticket. The Powerball jackpot has officially reached $500 million, breaking the record for the game’s biggest prize ever. The jackpot is also the second-highest in lottery history, after the $656 million Mega Millions prize last March. Powerball ticket prices doubled to $2 in January as part of a plan to build prize funds faster and generate more money for the states running the game. For every ticket sold, one dollar goes towards the prize and one dollar goes to the state lottery organization.

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